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Prosecutors charged infamous Brooklyn real estate operator Sam Sprei and former Kings County Supreme Court Justice Edward Harold King with criminal wire fraud conspiracy for allegedly diverting investor escrow funds. Sprei and King were arrested this morning and are expected to make their initial appearance this afternoon in federal court in Brooklyn. The Department of Justice a...

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More Manhattan landlords are getting in on the refinancing bonanza for their trophy properties.  Brookfield and the Qatar Investment Authority are preparing to be the next to tap the spigot, lining up a $1.9 billion loan for Two Manhattan West, according to a S&P Global dispatch reported by Crain’s. Wells Fargo is leading the bank consortium that agreed to provide the d...

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Brooklyn developer Eli Karp scored a temporary reprieve after a judge vacated a $15 million personal guarantee tied to a troubled East Flatbush property. The ruling stems from a foreclosure case involving 271 Lenox Road, the East Flatbush rental property Karp lost in 2024 to the lender, an affiliate of Greystone. A judge last week granted Karp’s motion to vacate a judgment over ...

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There were 114 transactions totaling $170 million filed in New York City records in the 24 hours before 4 p.m. on Tuesday, May 12. 🏆 Commercial: King David of Brooklyn, tied to nursing home operator Robert Lichtschein, offloaded a drug and alcohol rehabilitation center at 2316 Surf Avenue in Coney Island for $17.2 million, representing the priciest commercial deal to hit record...

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As Mayor Zohran Mamdani flailed about trying to raise tax rates, I kept thinking that the politically easier way to increase revenue is by building housing that brings more urban professionals to the city. Development produces short-term revenue from transfer taxes, job creation and other economic activity, and long-term revenue from the income taxes and spending of the new hous...

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